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Modi to make India “A Cashless Society” by a package of these 11 incentives

PM Narendra Modi’s master plan to handle the after-effects of the demonetisation has a lot to offer to the comman man of the country.

In the aftermath of the cancellation of the legal tender character of old Rs 500 and Rs 1,000 notes, there has been a surge in the digital transactions through use of credit/debit cards and mobile phone applications/e-wallets etc. To further accelerate this process, the Central Government has today announced a package of incentives and measures for promotion of digital and cashless economy in the country.

According to a release by Ministry of Finance, the incentives/measures are as following:

  1. A discount of 0.75 per cent will be offered on purchase of petrol and diesel through either credit/debit cards, e-wallets and mobile wallets.
  2. 10 per cent and 8 per cent discount will be offered in case of general and life insurance for buying new policy or paying premium online via PSUs websites.
  3. Credit/debit card transactions up to Rs 2,000 will be exempt from service tax.
  4. Government will support RRBs and Cooperative Banks through NABARD to issue “Rupay Kisan Cards” to 4.32 crore Kisan Credit Card holders.
  5. 1 lakh villages with population less than 10,000 will get 2 PoS machines (swipe machines) each, free of cost supported through financial inclusion fund.
  6. Online booking of railway tickets will get Rs 10-lakh accident insurance.
  7. Those using digital mode to pay for railway catering, accommodation, retiring room will be entitled to discount of 5 per cent.
  8. Monthly and seasonal suburban railway tickets purchased through digital mode will get 0.5 per cent discount from January 1.
  9. 10 per cent discount will be available on use of digital mode for paying for RFID or fast-tags for highway toll.
  10. Central government departments and PSUs to ensure that transactions charges associated with digital payment shall not be passed on to the consumers and all such expenses shall be borne by them. State governments are also being advised to consider doing the same.
  11. PSBs are advised that merchants should not be required to pay more than Rs 100 as monthly rental for PoS terminals/Micro ATMs/mobile PoS.

Source: IndianExpress

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